Carpenter Technology completed a $400 million syndicated credit facility with Bank of America and JPMorgan Chase Bank as joint lead arrangers.

The five-year revolving line of credit replaces the existing revolver due to expire in June 2018. The new facility, comprised of nine lenders, was oversubscribed prior to allocations. Terms of the facility remain largely unchanged from the prior agreement and include the same two financial covenants, debt to capital ratio and interest coverage ratio.

Carpenter Technology is a producer and distributor of premium specialty alloys, including titanium alloys, powder metals, stainless steels, alloy steels and tool steels.